NewStar, Lobo Fund $12MM Equipment Loan, Sale/Leaseback
APR 29, 2015 - 7:28 am
NewStar Financial and Lobo Leasing announced they provided a comprehensive fleet financing solution to RLC, a privately-held helicopter services company operating in the Gulf of Mexico.
The deal combined a sale/leaseback transaction with Lobo involving 9 Bell helicopters (Bell 407s and Bell 206L-4s) and a $12 million equipment loan, provided by NewStar, secured by 20 other helicopters in RLC’s fleet. The proceeds of the transactions were used to refinance existing debt and provide additional working capital, enhancing the company’s financial flexibility, while supporting management’s strategy to expand its operations in the region serving independent energy services providers.
Lobo’s chief executive officer, William Wolf, said, “Today’s announcement is the product of a coordinated effort by RLC, NewStar and Lobo to customize a financing for RLC, which brings flexibility and stability to RLC, as it executes its business plans going forward. All of us at Lobo are pleased to play a part in this partnership, which brought not just lease financing provided by Lobo, but also the critical term debt piece provided by NewStar.”
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